Over 1,100 police encounters in UP under Yogi govt a very serious issue: Supreme Court

Mumbai, Jun 16: Saudi Arabia’s sovereign wealth fund, PIF, is all set to pick up a stake in Jio Platforms, which would complete 25% of Jio’s equity dilution to the investors, said a report by the Gulf News.

Jio Platforms is part of the Reliance Industries empire owned by Mukesh Ambani. The Public Investment Fund (PIF) will acquire 2.33% for an estimated $1.5 billion, the report said.

So far, Jio Platforms has raised investment from 10 different global investors in seven weeks, the latest being TPG Capital buying 0.93% equity for Rs 4,547 crore and private equity firm L Catterton picking up a 0.39% stake for Rs 1894.50 crore.

Jio Platforms has raised a total of Rs 1.04 lakh crore so far from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

With PIF coming on board, Jio Platforms would have diluted 25% of its equity. That's the maximum they intend to dilute to financial investors, which includes Mark Zukerberg's Facebook.

Any new investors coming on board in future will have to be "strategic investors, a tech giant, for instance," said a source who was part of the deal-making process, the report said.

In recent days, Jio Platforms, which will merge telecom, content streaming, gaming and ecommerce features into its app, has seen Abu Dhabi's Mubadala and ADIA pick up significant stakes amounting to $1.2 billion and $750 million, respectively.

Reliance Industries' owner, Ambani, Asia's richest man, has been on an investor acquisition spree, with the likes of Facebook and private equity majors such as KKR and Silver Lake Capital investing in Jio Platforms.

The contours of the deal with Saudi Arabia's PIF was finalised during Ramadan. "It was always Mukesh Ambani's wish to have a special relationship with Saudi Arabia and the UAE," said Anshuman Mishra, a London-based confidante and family friend of the Ambani family of longstanding, Gulf News quoted as saying.

He has also worked extensively with Gulf sovereign wealth funds over the years.

"Saudi Arabia's coming in to close the financial investor round in Jio is indicative of the special nature of the relationship. This is also indicative of the multi-billion-dollar partnership announced last year with Saudi Aramco.

"This is a major success for the present Indian government's foreign policy initiative in the gulf and symbolic of India's significance in the GCC," it said.

New Delhi, Jan 3: The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.

Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.

With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.

To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction.

The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback.

Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".

Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges.

They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.

RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries.

As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.

RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.

NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country.

Wayanad, Mar 3: Anguished over the alleged delay in receiving flood relief from the Kerala government, a 42-year-old man committed suicide in Wayanad district, police said on Tuesday. Sanal Kumar, a native of Thrikaipatta in Meppadi near here was found hanging inside the temporary shelter built by his friends and local people on Monday. He was among the hundreds who had lost their homes in the August 2019 floods.

His home, built on a three cent plot, had been damaged partially in 2018 floods and completely in the 2019 deluge. Family members of the deceased alleged that it was due undue delay on the part of the authorities in allotting funds for rebuilding his house that drove Kumar to take the extreme step. Kumar was hoping to get a house under the Life Mission project, sources said.

A relative said Kumar had only 3 cent of land and had lot of debts. Even the Rs 10,000 assistance promised by the state government for the flood affected, had not reached him. Since the past two years he had filed several applications for assistance and apporached many revenue authroties for the promised government assistance, but it never came, the locals alleged.

According to K K Sahad, president of Meppadi Panchayat the deceased had some other financial issues and it was not the delay in rehabilitation that made him commit suicide. "It is true that he was not included in the first list of beneficiaries under the LIFE project as he had to have "pattayam" (land records) for his land.

However, he was included in the second list, thanks to the dilution in the norms that possession was enough for those who had no 'pattayam' for their property. The amount of Rs 4 lakhs was sanctioned for him, but was delayed a bit due to some technical issues."

Wayanad MLA C K Saseendran described it as an "extremely sad" development. As Kumar had some difficulties in producing the land recrods, the authroties had been unable to include his name in the LIFE housing scheme in the first phase.

The matter has been brought before the notice of the revenue authorities, he said. Vythiri Tahsildar, Abdul Hameed, visited Kumar's relatives this morning as the family members of the deceased wanted his presence before the body was taken for post-mortem.

"There was some technical issues with regard to the land as it falls within the adhivasi reserve. But they were occupying it for long. However, the issue has been sorted out and that his family members would be getting the eligibility amount of four lakhs," Hameed said.